Ben Armstrong, better known as “BitBoy Crypto” in the cryptocurrency community, has been making headlines recently for his unexpected absence at a court hearing regarding his involvement in a failed Initial Coin Offering (ICO) project. Armstrong, who has amassed a massive following on social media for his informative cryptocurrency content, has been accused of promoting an ICO that allegedly defrauded investors.
The ICO in question is called “B2G,” which was promising investors a new cryptocurrency that would allegedly revolutionize the industry. However, after raising millions of dollars from unsuspecting investors, the project failed to deliver on its promises, resulting in massive losses for those involved.
As a prominent cryptocurrency influencer, many were quick to blame Armstrong for his involvement in promoting the ICO, which he denies. It is alleged that he received a large sum of money from the B2G team in exchange for promoting the project on his social media channels.
Recently, Armstrong was supposed to attend a court hearing in the FTX court case, where he was set to defend his involvement in the B2G ICO project. However, he was nowhere to be found on the day of the hearing, prompting the presiding judge to issue a warrant for his arrest. Armstrong has since turned himself in and was released on bail, but not before trolling his lawyer with a pig photo on social media.
The photo in question features a pig with the caption “My new attorney” and was posted shortly after Armstrong missed his court hearing. Many viewed the post as a deliberate taunt towards his lawyer, and it quickly went viral within the cryptocurrency community.
While some appreciated Armstrong’s humorous take on the situation, others found it to be immature and unprofessional given the severity of the charges he’s facing. The charges against him include violations of federal securities law, wire fraud, and conspiracy to commit wire fraud, which could result in significant fines and even prison time.
Armstrong’s absence at the court hearing raises questions about his level of involvement in the B2G ICO project and his willingness to face the legal consequences of his actions. Some believe that his failure to attend the hearing was a deliberate attempt to avoid prosecution, while others argue that he simply forgot.
Regardless of the reason for his absence, Armstrong’s reputation as a prominent influencer in the cryptocurrency space has taken a hit. Many followers are now questioning his integrity, and some have even gone as far as to unfollow him on social media.
In response to the backlash, Armstrong has released a statement on his YouTube channel, denying any involvement in the B2G fraud case and pledging to cooperate fully with the authorities. He acknowledges that missing the court hearing was a mistake and apologizes to his followers for letting them down.
The BitBoy Crypto saga serves as a warning to investors about the potential dangers associated with investing in cryptocurrencies. While Armstrong has built a reputation as a knowledgeable and trustworthy influencer, it’s important to remember that no one is infallible, particularly when it comes to investing in volatile markets like cryptocurrency.
Armstrong’s legal battle is far from over, and the outcome of the case will likely have a significant impact on his future in the cryptocurrency industry. Regardless of the verdict, one thing is certain – the BitBoy Crypto saga will continue to be a topic of conversation within the cryptocurrency community for the foreseeable future.
Crypto influencer Ben Armstrong, known online as “BitBoy Crypto,” has landed himself in hot water after skipping a court hearing in a lawsuit that accuses him of promoting now-defunct crypto exchange FTX. Armstrong is being sued by former FTX customers who claim he promoted the sale of unregulated securities through the recently bankrupted exchange. Former customers are seeking over a billion dollars from Armstrong and other popular YouTubers they claim were paid to promote the failed business.
Despite being ordered to appear in court by U.S. Magistrate Judge Melissa Damian on Thursday, Armstrong posted a photo on Twitter from the Bahamas, where he was vacationing, writing: “I am supposed to be in court today. I’m not. Why? Because I don’t give AF.”
Armstrong was also accused of harassing and threatening plaintiffs’ attorney Adam Moskowitz, prompting the judge to order him to appear in person before the court on April 24 or face sanctions. Armstrong’s lawyer argued that any perceived threats from his client were of “threat[s] of litigation,” not of physical harm, and that his social media posts were protected by the First Amendment. The judge dismissed the First Amendment argument.
In a tweet, Armstrong claimed that he missed the hearing because he was on a cruise with 100 people who had paid to attend with him, and that it was unreasonable to expect him to appear in Florida on such short notice. He denied ever calling Moskowitz or threatening his safety, and added that he “never promoted FTX or even had contact with any employee or marketing agency about this.”
FTX, which collapsed in November last year, filed for bankruptcy, wiping out $8 billion in customer funds over the course of days. The company reportedly recovered some $5 billion of those funds, but if and how quickly they will be returned to customers remains unclear.
Moskowitz, meanwhile, is pursuing several proposed class actions against alleged FTX promoters, including a $5 billion suit against celebrities Shaquille O’Neal, Tom Brady, Steph Curry, and Larry David for allegedly endorsing the exchange.
Armstrong’s behavior has drawn strong criticism, with many Twitter users condemning his actions and questioning his ethics. Armstrong’s nonchalance in the face of serious allegations has left many wondering if he will ever be held accountable for his actions. The outcome of this case will be watched closely by the crypto community, which has been rocked by a spate of scandals and controversies over the past few years. It remains to be seen whether Armstrong’s apparent disregard for the legal system will come back to haunt him, but his behavior has certainly done little to inspire confidence in his followers.
